Sometimes properties on the market fail to sell before their listing expiration date. These expired listings can be a great lead generation opportunity, but you must think and act fast to acquire them.
If you’re interested in growing your business and generating leads, keep reading to learn four ways to find expired listings and why they’re beneficial.
What are expired real estate listings?
Real estate listings have expiration dates; when they fail to sell within this time, they are known as expired listings.
An agent and seller decide the length of time a listing will be on the market before signing the listing contract. Typically, this time frame is anywhere from four to six months, but it may go up to a year.
Why are expired listings important?
Expired listings are a great source of leads to boost sales. If a listing fails to sell, the seller likely is looking for a new agent or is open to exploring their options, potentially allowing you to gain a new client.
And if you successfully sell the expired listing, you’ll likely see more referrals come your way as well.
How to find expired listings
If you’re interested in exploring expired listings and don’t know where to start, we’ve put together four of the best ways to find expired listings.
1. Multiple Listing Service (MLS)
One of the most common ways to find expired real estate listing leads is to use the Multiple Listing Service (MLS). There you can filter by expiration date and location. You can see which listings have expired and even plan for listings that will expire soon.
2. Network with other agents
Real estate agents who build relationships with other agents have more opportunities. If you connect with several agents, you may each have a different niche. If a listing is expiring and falls into your area of expertise, it’s good to have a network.
Additionally, stay in touch with your clients–past, present, and future–and you will increase your opportunities for hearing about expired listings.
3. Check public records
You can manually check public records by visiting your area’s public record archive or searching for it online. Public records typically give you information on the time on the market and owners, for example.
However, while this method is free and can help you target leads in your area, it is more time-consuming.
4. Buy expired listings
Sometimes you don’t have enough time to search for expired leads. In this case, you can pay for an online platform that would generate expired real estate listing leads for you. You won’t have to sift through large amounts of information and can get right into following up on the leads you obtain by using digital marketing or your preferred strategy.
Revamp expired listings with Virtuance
When you get those expired listing leads, show your clients how you can improve their listings and close deals. With Virtuance’s professional real estate photography, you can make listings up-to-date with 3D tours, drone photography, and more.
Professional real estate photos attract 2x more attention, giving you a huge advantage when selling expired listings.
FAQ
Depending on time and money, you can choose different ways to find expired listings, including searching the Multiple Listing Service, networking with other agents, checking public records, or buying expired listings.
The best ways to get expired listings are by using the Multiple Listing Service (MLS) and networking. When you use the MLS, you can filter the results and find the type of listings you want.
Networking is also great, as other agents will inform you about expired listings that are within your niche.
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